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Developer plans $54 million in new apartment projects

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A local developer plans to invest more than $54 million to build apartment communities adjacent to the Rivers Edge shopping center in Indianapolis and Metropolis in Plainfield.

The plan by Hearthview Residential is yet another sign of confidence among apartment owners and developers that a shift toward renting and away from buying is here to stay. Multifamily housing has been a bright spot in an otherwise dismal real estate market.

Hearthview’s plan calls for 230 high-end apartment units behind Clearwater Crossing shopping center at 82nd Street and Dean Road, within walking distance of the renovated Rivers Edge shopping center anchored by Nordstrom Rack and The Container Store.

The project, set to take seven acres including an undeveloped field, part of a parking lot and the long-vacant former Blockbuster Block Party building, will cost about $24 million, said Hearthview Principal Jim Thomas.

The design will be modern, Thomas said, inspired in part by the updated look of Rivers Edge, which is owned by locally based Kite Realty Group Trust.

Hearthview also plans to build 300 units on a parcel near the Metropolis mall in Plainfield in a $30 million project. That development is not as far along as the Clearwater proposal, Thomas said.

Hearthview acquired the Clearwater property from both The Broadbent Co., which owns the Clearwater Crossing shopping center, and an out-of-state trust that owned the former Block Party, a failed amusement concept from the now-in-bankruptcy Blockbuster Video.

The one- and two-bedroom apartments will rent for between $900 and $1,500. Groundbreaking is scheduled for spring 2012.

The project should perform well since it contains just the right number of units in a prime location, said John Hart, president of Carmel-based J.C. Hart Co.

Hart noted that the number of permits for new apartments in the nine-county metro area still lags the historic highs during the real estate market peak, while demand for quality rental units continues to grow.

Others developers apparently agree, as new apartment projects are in the works all over central Indiana.

Another that just broke ground: A $20 million, 219-unit development by Indianapolis-based REI Investments along State Road 421 in Zionsville.

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  • It is a Good Sign for People
    we Already have so many apartment complexes in Indianapolis ,In , But still there is a need for new complexes .

    http://www.apartment-advisor.com/in/indianapolis-apartments-for-rent
  • density
    People that will live right there will hopefully be able to walk to do the shopping. Then there is that thing called mass transit. Density and mass transit really get along. So, I guess instead of complaining about density (it's just inevitable since eventually you run out of cheap farm land), you should really be complaining about the lack of mass transit options.
  • even more overload along 86th/82nd corridor
    All recent announcements...1)
    Keystone Construction's plans for a $40MIL project with high-end apartments and retail space at the northwest corner of 86th St & Keystone Ave. 2)Veritas Realty has put a 1.6-acre parcel across 82nd St from Rivers Edge under contract and is planning a 13,400-square-foot retail strip with five small-shop spaces. 3)Hearthview’s plan calls for 230 high-end apartment units behind Clearwater Crossing shopping center at 82nd St & Dean Rd, walking distance of the renovated Rivers Edge shopping center anchored by Nordstrom Rack & Container Store.

    Even 1 of these is too much strain on stretch. The road Infrastructure simply does not have more capacity. All 3 getting approved would be insane. Who within the city government is managing this / paying attention? More importantly, who within that organization/group is willing to travel to that area and sit thru stoplights multiple times to travel only a couple of miles? Come visit our world this Saturday... and envision any of 1 of these actually happening and adding to the road volume - then imagine 2 more...
  • Terri Gill
    Thanks, Teri. I agree... :)
  • Joyce A. Bradley
    Didn't know if you had seen this article about the new apartments going in at Metropolis. More people, more customers for Plainfield, more tenants for Plainfield - YES.

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    1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

    2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

    3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

    4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

    5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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